Chapter 04 Homework I - MGMT-027
Chapter 04 Homework
1 .
value:
10.00 points
Brady Products manufactures a silicone paste wax that goes through three processing departmentsCracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking Department. The Work in Process T-account for the Cracking Department for a recent month is given below:
Work in Process- Cracking Department
Inventory, May 1 Materials Conversion
Inventory, May 31
Completed and transferred to
281,600
the Blending Department
? ?
680,600
503,280
? ?
The May 1 work in process inventory consisted of 80,000 pounds with $155,200 in materials cost and $126,400 in conversion cost. The May 1 work in process inventory was 100?10 complete with respect to materials and 80o/o complete with respect to conversion. During May, 318,000 pounds were started into production. The May 31 inventory consisted of 92,000 pounds that were 100?10 complete with respect to
materials and 70% complete with respect to conversion. The company uses the weighted-average method to account for units and costs.
Required:
1. Determine the equivalent units of production for May.
Equivalent units of production
Materials
I 398000 1
Conversion
I 310400 1
2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places. Omit the"$" sign in your response.)
Cost per equivalent unit
Materials
$ I 2.1 1
Conversion
$ I 1.1 1
3. Determine the cost of the units completed and transferred to the Blending Department during May.
(Omit the "$" sign in your response.)
Cost of units completed and transferred out
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Materials
$ I 642600 1
Conversion
$ I 520200 1
Total
$ 11162800 I
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Chapter 04 Homework
I -'4 prov Question #2 (of 5)
, ,.. , next _..
2.
value:
10.00 points
Billinstaff Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:
Work in process, May 1 Cost added during May Equivalent units of production
Materials $ 30,800 $186,690
2,600
Labor $50,625 $33,750
2,500
Overhead $ 246,600 $ 164,400
2,400
Required: 1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your
answers to 2 decimal places. Omit the "$" sign in your response.)
Cost per equivalent unit
Materials $ I 83.65 1
Labor $ I 33.751
Overhead $ I 111.25 1
2. Compute the total cost per equivalent whole unit. (Round your final answer to 2 decimal places.
Omit the "$" sign in your response.)
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$ I 288.65 I
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Chapter 04 Homework
I -'4 prov Question #3 (of 5)
, ,.. , next _..
3.
value:
10.00 points
Lindex Company uses a process costing system. The following data are available for one department for October:
Work in process, October 1 Work in process, October 31
Units 46,000 40,000
Percent Completed
Materials Conversion
85o/o
55?/o
71?/o
48o/o
The department started 407,000 units into production during the month and transferred 413,000 completed units to the next department.
Required:
Compute the equivalent units of production for October, assuming that the company uses the weightedaverage method of accounting for units and costs.
Equivalent units of production
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,,,.,~
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Materials
- - I 441400]
(~) references
Conversion
- - - - I 432200]
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Chapter 04 Homework
4.
value:
10.00 points
The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.
Information on work in the first department, Cooking, is given below for May:
Production data: Pounds in process, May 1: materials 100% complete; conversion 90o/o complete Pounds started into production during May Pounds completed and transferred to the next department Pounds in process, May 31 : materials 60o/o complete; conversion 40% complete
Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost
55,000 330,000
? ?
15,000
$ 78,900 $ 23,700
$ 410,010 $ 130,460
The company uses the weighted-average method.
Required:
1. Compute the equivalent units of production.
Equivalent units of production
Materials
I 3190001
Conversion
I 31600-0J
2. Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.
Omit the "$" sign in your response.)
Cost per equivalent unit
Materials
$I 1.29I
Conversion
$[ 0.41 ]
3. Determine the cost of ending work in process inventory and of the units transferred out to the next
department. (Omit the "$" sign in your response.)
Cost of ending work in process inventory Cost of units completed and transferred out
Materials
$I 11610 1 $I 411300 1
Conversion
$I 2460 1 $I 151100 1
Total
$I 14010 1 $I 629000 1
4. Prepare a cost reconciliation report for the month. (Omit the "$"sign in your response.)
Cost Reconciliation Costs to be accounted for:
( Cost of beginning work in process inventory ~ ) ( Costs added to production during the period ~ )
Total cost to be accounted for
$I 102600 I
I 540410 1
$I 643010 1
Costs accounted for as follows:
( Cost of ending work in process inventory
~)
( Cost of units completed and transferred out ~ )
Total cost accounted for
$I 14010 1
I 629000 1
$I 643010 1
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Chapter 04 Homework
5.
value:
10.00 points
Nature's Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache. The perfume goes through two processing departments: Blending and Bottling.
The following incomplete Work in Process account is provided for the Blending Department for March:
March 1 balance Materials Direct labor Overhead
March 31 balance
Work in Process-Blending
Completed and transferred
33,300
to Bottling (760,000 ounces) ??
146,600
65,200
491,000
? ?
'--
The $33,300 beginning inventory in the Blending Department consisted of the following elements: materials, $8,800; direct labor, $3,800; and overhead applied, $20,700.
Costs incurred during March in the Bottling Department were: materials used, $44,000; direct labor, $16,700; and overhead cost applied to production, $103,000.
Required:
1. Prepare journal entries to record the costs incurred in both the Blending Department and Bottling
Department during March. (Omit the "$"sign in your response.)
a. Raw materials were issued for use in production. b. Direct labor costs were incurred.
c. Manufacturing overhead costs for the entire factory were incurred, $626,000. (Credit Accounts
Payable and use a single Manufacturing Overhead control account for the entire factory.)
d. Manufacturing overhead was applied to production using a predetermined overhead rate.
e. Units that were complete with respect to processing in the Blending Department were transferred to
the Bottling Department, $662,000. f. Units that were complete with respect to processing in the Bottling Department were transferred to
Finished Goods, $800,000. g. Completed units were sold on account for $1,470,000. The cost of goods sold was $610,000.
Items
General Journal
a.
Work in process-Blending
.,..... "
Work in process-Bottling
.,.....
( Raw materials
~)
Debit IT46,6oo l
I 44,ooo l
Credit
I 190600 1
b.
Work in process-Blending
Work in process-Bottling
( Salaries and wages payable
~)
65,200 1 16,700 1
81900 1
c.
( Manufacturing overhead
~)
I 626000 1
( Accounts payable
~)
I 626000 1
d.
Work in process-Blending
Work in process-Bottling
( Manufacturing overhead
I491,000 1
1103,000 1
I 594000 1
e.
( Work in process-Bottling
~)
( Work in process-Blending
I 662000 1
I 662000 1
f.
( Finished goods
~)
( Work in process-Bottling
I 800000 1
I 800000 1
g.
( Accounts receivable
( Sales
~)
11410000 I
11470000 1
( Cost of goods sold ( Finished goods
~)
I 610000 1
I 610000 1
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2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Blending Department's Work in Process account is given above.) (Record the transactions in the given order. Omit the"$" sign in your response.)
Raw materials Work in process-Bottling department Finished goods
$210,600 $ 52,000 $ 28,000
After posting the entries to the T-accounts, find the ending balances in the inventory accounts and the manufacturing overhead account.
(g
i Accounts Receivable
11470000 1
Raw Materials
Bal.
I 210600 I ( a
I 190500 I
Bal.
I 20000 1
Work in Process - Blending Department
Bal.
I 33300 I ( e
~ )
I 662000 1
(a
*)
I 146600 I
(b
~)
I 65200 1
(d
~)
I 491000 I
Bal.
I 74100 1
Work in Process - Bottling Department
-Ba-l. ------------ 520-00-1 ~( f~~~~~~~~) ~----I 8~00~ 000~1
(a
~)
I 44000 1
( b
~)
I 16100 I
( d
*)
I 103000 I
(e
~)
I 662000 1
Bal.
I 11100 1
Finished Goods
Bal.
28000 I (_g_ _ __....*...)
I 610000 I
(f
I 800000 1
Bal.
I 218000 I
Manufacturing Overhead
( c
I 626000 I ( d
I 594000 1
Bal.
I 32000 1
Accounts Payable
Icc
~)
Salaries and Wages Payable
I c b
~)
Sales
Icg
~)
Cost of Goods Sold
(g
~)
I 6100ooii
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I 626000 1
81900 1
11410000 I
Chapter 04 Homework
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